Must read: supermarkets a drag, HSBC, bitcoin, Inditex
ii’s head of investment rounds up the morning’s big news.
3rd December 2025 08:58
by Victoria Scholar from interactive investor
Cryptoassets are very high risk and you should be prepared to lose all your money before you invest
GLOBAL MARKETS
European markets are trading mixed with the FTSE 100 underperforming while the DAX is leading the gains.
HSBC Holdings (LSE:HSBA) has appointed Brendan Nelson as chair, an unexpected choice for the global lender, sending shares slightly lower. Miners like Antofagasta (LSE:ANTO) and Fresnillo (LSE:FRES) are among the top gainers on the FTSE 100, while supermarkets Sainsbury (J) (LSE:SBRY), Marks & Spencer Group (LSE:MKS) and Tesco (LSE:TSCO) are at the bottom of the leaderboard following news the Qatar Investment Authority is offloading £300 million of Sainsbury’s shares, with rivals falling in sympathy.
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US futures are pointing to a modest extension of gains, after the S&P 500, Dow Jones and the Nasdaq all closed Tuesday higher. Focus is on the ADP private payrolls report out today, for clues into the strength of the labour market and the Fed's next move.
After suffering its worst session since March, bitcoin is bouncing back, trading back around $93,000, while other cryptos like Ether and Solana are also in the green with traders buying the dip.
INDITEX
Industria De Diseno Textil SA Share From Split (XMAD:ITX) (Inditex) has reported third-quarter sales up 4.9% to 9.8 billion euros, with growth of 8.4% in constant currency, beating analysts’ expectations. Gross profit grew by 6.2% to 6.1 billion euros. So far in the fourth quarter, between 1 November and 1 December, constant currency sales (in store and online) grew by 10.6% versus the same period last year.
This is a strong set of earnings from the company behind brands including Zara, Massimo Dutti and Oysho and there are good indications around how the current quarter is performing so far. Its Autumn/Winter collections appear to be hitting the spot with customers, while the strength of the Spanish economy has also supported consumer demand.
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Despite the fiercely competitive fast fashion backdrop with cheap rivals like Shein, this year's US tariff uncertainty, and a weaker consumer in many geographies, Inditex has managed to score for investors, highlighting its longstanding strength at tapping into what fashion followers are looking for and speedily delivering new products to stores and online to keep pace with the latest trends.
Shares in Inditex have jumped today by almost 8% and are up around 25% over the last three months.
Analysts are bullish towards the company – last week Inditex enjoyed some analyst upgrades, including from Barclays, which boosted its price target on the stock and RBC which raised the stock to outperform. There is a consensus buy recommendation on the stock.
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